Healthcare, the digital economy and environmental and social governance investing have been highlighted as key industries for Cayman’s future.
Financial Services Minister André Ebanks, in a key note address to business and political leaders at The Ritz-Carlton resort on 7 July, said the tech future is coming whether Cayman is ready or not.
And he insisted government is doing everything possible to grab the opportunities presented by the digital economy with both hands.
He said education and training would also need to adapt to prepare Caymanians to play significant roles in these emerging sectors.
The West Bay legislator also launched a steadfast defence of the islands’ financial services industry, perceived to be under attack from growing global regulation. He said the industry had faced down multiple threats in the past and continues to thrive.
“We have to get the world to continue to understand that we are not a problem,” said Ebanks, who was standing in for Premier Wayne Panton, who has COVID, as the main speaker at the Chamber of Commerce’s annual parliamentary luncheon.
Despite that confidence, the minister said it made sense for Cayman to broaden its horizons to take advantage of opportunities that fall within its niche as an advanced financial centre.
“Our vision is to be renowned as one of the most sustainable countries in the world – peaceful, prosperous – where everyone can thrive and live their best life.
“We can do it by taking the chance to layer on top of our world class regulatory and legal framework, the new opportunities that are staring us in the face in terms of ESG, tech and healthcare.”
He said Cayman was well-placed to “leapfrog the competition” to “become that global centre of excellence creating new jobs, good jobs, and sometimes borderless jobs in a digital economy.”
Ebanks said government was working to provide the environment for private sector investment.
“We want to create an ecosystem of excellence that allows investors, allocators of capital, start-ups and developers to innovate, grow and thrive in Cayman.”
The link to LA
Ebanks also outlined possibilities for a growth in Cayman’s film industry, referencing a new Cayman Airways direct flight to Los Angeles as a driver for that sector.
He said education was vital to allow Cayman’s people to take advantage of coming opportunities.
In a recent meeting with blockchain companies looking to invest in the island, he said a key question had been, “Will you have the workforce in 10 years to sustain my business?”
He said government’s aim was to ensure its schools, colleges and adult education programmes helped prepare Caymanians for the jobs of the future.
“If they’re genuinely saying that they want Caymanians to be the partners in their firms that they establish here in 10 years, we’ve got to get our youth ready for that.”
In a later question and answer session with Chamber president Shomari Scott, Ebanks highlighted sustainability as a priority.
Reading a prepared response from the premier, who is also minister for sustainability, he acknowledged “the elephant in the room” that there is still no “comprehensive development plan”.
But he said the work is in progress.
“It needs to be holistic, it needs to be comprehensive, have planning policy, it has to incorporate ESG and it also has to be timely. It’s no secret that it’s not quite off the ground yet. But now with certain events past us, he’s going to be working diligently with colleagues and in caucus to create a comprehensive plan.”
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